On December 13, 2007, GWL Realty Advisors Inc. completed the purchase of Gulf Canada Square on behalf of The Great-West Life Assurance Company and London Life Insurance Company. The 1,120,000 square foot premier class “A” office and retail complex in downtown Calgary was acquired from CREHOY Inc., GCS (MCEG) Ltd. and BPO (GCS) Ltd. for a purchase price of $382 million. An existing mortgage bond facility provided by Metropolitan Life Insurance Company was assumed by the purchasers as part of the transaction.
The purchasers were represented by Gowling Lafleur Henderson LLP with a team led by Andrew Oppenheim that included Rick Myers, Kevin Keyes, Lisa Buriak, Patricia Steele, Aimee Halfyard and Aristotle Sarantis in Calgary for real estate matters and William Vanveen in Ottawa for competition matters.
The vendors were represented internally by Cameron Black and were assisted by Blake, Cassels & Graydon LLP with a team led by Rick Dawson that included Paul Logan and Davis Foth in Calgary for real estate matters and Julie Soloway in Toronto for competition matters.
The lender was represented by Osler, Hoskin & Harcourt LLP with a team led by George Valentini that included Ilana Cohen and Janet Lee.